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Protecting my family
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I think you need to talk to a family lawyer - it is perfectly possible to set up a trust for a kid which will own the house, but can sell that house and buy a different one (or not) if it becomes a better choice, pay for the upkeep of the house etc - but from what you say about needing to pay off the mortgage on the property I am not sure you would have a big enough estate to be worth it. You might be better off taking the life insurance that you woud have paid the mortgage off with and leaving that as a financial trust fund for your son, to be used as needed. If you don't die, I am sure you will send lots of money on your son as he grows, but less sure you will hand him a house at 18. I am not convinced it should be that different if you do die. But I am sure a family lawyer has heard it all before and will have a range of options to suggest.
Have you and your partner also thought about life insurance for her?But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0
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